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INCREASING-COST INDUSTRY: A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. For an increasing-cost industry the entry of new firms, prompted by an increase in demand, causes the long-run average supply curve of each firm to shift upward, which increases the minimum efficient scale of production.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 14 of 25

Topic: Demand and Supply <=PAGE BACK | PAGE NEXT=>

GDP can be measured in two different ways.
  • Demand-side: In a market transaction, the buyer pays a price for a good or a service based on the value of the good. This indicates that the value of GDP can be measured from expenditures.
  • Supply-side: For seller's, the revenue received from selling a good is used to pay resources--the cost of production. This indicates that the value of GDP can be measured by the resource cost of production.
  • These two sides--expenditures and resources--give us two ways of measuring GDP.
  • Each can be used to check the other.

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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for pencil sharpeners with an attitude.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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